Washington

Starlite-Distribution-Center-Lakewood-WA

Davis Property Divests of Starlite Distribution Center Near Seattle for $39.5M

by Amy Works November 2, 2020

LAKEWOOD, WASH. — Davis Property & Investment (DPI) has completed the disposition of Starlite Distribution Center, an industrial property located at 3451 84th St. in Lakewood. An undisclosed buyer acquired the facility for $39.5 million. DPI acquired, entitled and developed the site into a 246,000-square-foot distribution center with 32-foot clear heights, ample trailer and vehicle parking, and freeway access. Currently, DPI has five industrial and professional buildings at various stages of design and construction with a value of approximately $100.2 million. The company closed more than $15.5 million in transactions over the last year and owns/manages nearly 5 million square feet of commercial real estate assets from Seattle to Portland, Ore.

November 2, 2020

Company News Washington Western

Amazon Sales Soar to $96.1B in Third Quarter on Pandemic E-Commerce Purchases

by Jeff Shaw October 30, 2020

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) announced financial results for its third quarter ending Sept. 30, posting sales of $96.1 billion, an increase of 37 percent compared with third-quarter 2019. The sales numbers exceeded even the Seattle-based e-commerce giant’s optimistic prediction of $87 billion to $93 billion in sales. Operating income nearly doubled, rising from $3.2 billion to $6.2 billion between the second and third quarter. As the COVID-19 pandemic has raged on, Amazon has reaped benefits as consumers switch from in-person to online shopping. However, that comes with a variety of increased costs as well. In the company’s guidance for the fourth quarter of 2020, it expects to incur $4 billion in COVID-related costs, such as personal protective equipment, enhanced cleaning and increased wages. As a result of the increased costs, Amazon stock actually dropped following the news, falling from $3,248.86 per share at 2:30 p.m. Thursday to $3,094.10 at 9:45 a.m. Friday. On a long-term basis, though, this is a modest fall. The stock price closed at $1,779.99 on Oct. 30, 2019.

October 30, 2020

Company News Retail Washington Western

Starbucks Beats Quarterly Expectations, Shows Signs of Quickened Recovery

by Alex Tostado October 30, 2020

SEATTLE — Starbucks Coffee (NASDAQ: SBUX) reports that global comparable-store sales fell 9 percent in the fiscal fourth quarter on a year-over-year basis, but the company’s performance still beat economists’ expectations. Total revenue for the Seattle-based coffee chain reached $6.2 billion in the fiscal fourth quarter, which ended Sept. 27. Economists had expected the total to be $6.06 billion. “I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China,” says Kevin Johnson, president and CEO of Starbucks. “These results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to meaningful changes in consumer behavior and the extraordinary efforts of our green apron partners to serve our customers and communities in challenging circumstances.” The latest results are a big improvement from the fiscal third quarter, when global comparable sales plummeted 40 percent year-over-year due to the coronavirus shutdowns. Looking ahead, Starbucks expects same-store comparable growth of 18 to 23 percent and plans to open 2,150 new stores over the next fiscal year. As of Sept. 27, 2020, Starbucks operated 10,109 stores in the Americas. Starbucks’ stock …

October 30, 2020

Acquisitions Office Top Stories Washington Western

Brookfield Purchases Office Building Fully Leased to Facebook in Bellevue, Washington for $365M

by John Nelson October 30, 2020

BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million. Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. Spring District will ultimately feature 3 million square feet of creative office space, including REI’s headquarters that Facebook purchased last month for $390 million. “The Spring District has become a choice location for high-quality office tenants in Bellevue,” says Greg Johnson, CEO of Seattle-based Wright Runstad. In 2017, University of Washington’s Global Innovation Exchange building opened at Spring District, as well as over 800 residential units and several open spaces accessible to the public. Wright Runstad plans to develop another 530,000 square feet of office space across two buildings at Spring District by …

October 30, 2020

Development Multifamily Seniors Housing Washington Western

Plymouth, Bellwether Break Ground on $150.7M The Rise on Madison Affordable Multifamily Project in Seattle

by Amy Works October 29, 2020

SEATTLE — A joint venture between Plymouth Housing and Bellwether Housing has broken ground for the development of The Rise on Madison, a 17-story affordable apartment community in Seattle’s First Hill neighborhood. Plymouth will operate 115 studio units, with on-site supportive services, for formerly homeless seniors on floors one through six. Bellwether will operate 253 affordable, studio, one-, two- and three-bedroom apartments on floors seven through 16. Located at 1400 Madison St., The Rise on Madison will feature a large community room, roof deck and ground-floor retail space, as well as close proximity to light rail, street cars and buses. The $150.7 million property is slated to open in spring 2022.

October 29, 2020

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington

by Amy Works October 29, 2020

SPOKANE, WASH. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission for Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction of a redevelopment project currently underway at Rockwood at Whitworth. The first phase, currently underway, calls for demolition of a portion of The Manor building to be replaced by 48 new assisted living apartments and 24 new memory support apartments. The second phase includes demolition of the remaining portions of The Manor building, the healthcare center, two duplexes and two courtyard homes to construct 117 new independent living apartments, an underground parking garage and additional common and administrative areas. Following the completion of Phase II, all existing buildings of the Whitworth community will be replaced other than the remaining 18 Courtyard Homes and four duplex units.

October 29, 2020

Development Multifamily Seniors Housing Washington Western

Cadence, Fluornoy Break Ground on 128-Unit Seniors Housing Community Near Seattle

by Amy Works October 26, 2020

KENT, WASH. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that with the ability for an intergenerational experience with the adjacent high school and the fact that there has not been newer, state-of-the-art seniors housing construction in the Kent submarket leads us to believe we have a very special project.” A timeline for completion was not released.

October 26, 2020

Loans Multifamily Washington Western

Columbia Pacific Advisors Funds $14.5M Loan for Cubix Othello Micro-Housing Project in Seattle

by Amy Works October 15, 2020

SEATTLE — Columbia Pacific Advisors Bridge Lending, a lending platform of Columbia Pacific Advisors, has provided a $14.5 million loan for Cubix Othello, a modular micro-housing development in Seattle. NexGen Housing Partners, as the borrower, will use the funds to refinance existing construction debt and fund completion of the multifamily property located at 7339 43rd Ave. in South Seattle. Overlooking Othello Park, the six-story building will feature 85 apartments in a mix of studio and one-bedroom layouts. To date, NexGen has completed five modular micro-housing properties in Seattle totaling 232 units.

October 15, 2020

Development Multifamily Student Housing Washington Western

Greystar to Break Ground on $145M Student Housing Community Near University of Washington

by Amy Works October 8, 2020

SEATTLE — Greystar is set to break ground on Lakeview Student Residences, a $145 million student housing community located in Seattle’s U District near the University of Washington. The Charleston, S.C.-based developer recently purchased a five-parcel assemblage of existing apartment buildings located at NE 42nd St. and 12th Ave. NE for the development for $17 million. Dan Chhan, Tim McKay and Sam Wayne of Colliers International represented Greystar and the undisclosed seller in the transaction. “This is a core location with high-rise zoning, just three blocks from the University of Washington and one block from the new light rail station opening in 2021,” says Wayne. “Despite some current headwinds facing student housing due to COVID-19, this area is poised for outsized future growth as institutional investors develop new residential and office towers and the University of Washington continues its expansion.” The 21-story, 226-unit community is slated for completion in fall 2022. Lakeview’s amenities are set to include a rock-climbing wall and rooftop decks with designated study areas and entertainment space. Charles Halladay, Jordan Angel, Chris Ross, Teddy Leatherman, Stewart Hayes and Taylor Gimian of JLL worked on behalf of the developer to secure construction financing for the project through Pacific …

October 8, 2020

Loans Multifamily Washington Western

Dwight Capital Provides $36.2M HUD Loan for Willina Ranch Apartments in Bothell, Washington

by Amy Works October 2, 2020

BOTHELL, WASH. — Dwight Capital has provided a $36.2 million HUD 223(a)(7) loan for Willina Ranch Apartments, a multifamily property located in Bothell. The refinance includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points as the property is Energy Star certified. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction. Built in 2000, the property features 175 apartments, a swimming pool, business center, clubhouse and fitness center.

October 2, 2020

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